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I
i

i
Publication

Wot for

H. 14

DECONTROLLED AFTER SIX MONTHS
November 29, 1965.
q
CAPITAL MARKET DEVELOPMENTS
lN~Tffi__UNITED STATES

Corporate and municipal bond markets. The total volume
of public security financing by corporations this week is expected
to be about one-fifth as large as last week's large total. A $40
million offering of Florida Power and Light Company bonds will
account for four-fifths of the total. Municipal bond financing
this week will be roughly two-thirds of last week's total. Also
scheduled for offering, but not included in the figures below,
are $20 million in bonds of the Republic of Ireland.
Long-term Public Security Offerings 1/
(In millions of dollars)

Corporate
New Capital 1 Refunding

State and local Government
New Capital 1 Refunding

Sold:
52 week avg.

126

Nov. 19
Nov. 26

210
260 r/

3

193
337 r/
211

15
3 r/

Scheduled:
-Dec. 3
140
50
1/ Federal Reserve estimates based upon published reports of issues
sold and schedule for offering; corporate rights offerings are
included as of the date subscription rights expire.

With the addition last week of a $100 million Consolidated
Edison Company bond offering to the already substantial December
corporate calendar, prices of both seasoned and recently distributed
bond issues weakened further. This was accompanied by a fairly sharp
7 basis points--rise in average yields on new offerings of corporate
bonds; at 4.77 per cent the new corporate yield series was at its
highest level since late 1960. Initial reception for last week's
heavy volume of new bonds was generally quite favorable, but demand
was slack for issues carried over with substantial unsold balances;
consequently syndifffftreprice restriction was terminated on one of the
issues and the subsequent price adjustment in secondary market
trading resulted in a 6 basis point upward adjustment in yield.
The more liberal yields offered on last week's new supply
of municipal bonds led to some further upward adjustments in seasoned
yields, with the Aaa-rated issues edging up another basis point to
the highest level since mid-1961. The extent of the recent yield
advance on municipal issues was evidenced last week by the sharp




H. 14

-2-

increase of up to 20 basis points in the large unsold balance of a
New York City issue sold in late October.

Yields in Security Markets
Change from
preceding w e e k
(basis points)

Level latest week
(per cent)
High-Grade
Notes and Bends
Corporate
New
Seasoned

4.77
4.62

U.S. Govt.
Long-term
3-5 year

4.34
4.45

State and local Govt.
Moody's Aaa
Standard and Poor's
high grade
Money Market
Federal funds
Treasury bills
3-month
6-month

+7

+1

3.37

+1

3.49

+2

4.09

-4

4.11
4.25

+2

Corporate Bonds Still in Syndicate

Date
Offered
11/19

Amount
(millions of $)
25.0

11/24

27.0

11/26

40.0

Issue

Reoffering
yield

Florida Power Corp.
4-7/8's - 1995
West Penn Power Co.
4-7/8's - 1995
Northern Natural Gas
4-7/8's - 1985

Estimated Proportion sold

Rating

4.73

4/10

4.80

1/2

Co.
4.90

4/5

Blue List of Municipal Dealer's Advertised Inventories
(millions of dollars)
Latest Date
683 (11/24)




End of Previous W e e k
697

Recent High
901

(6/4)

H. 14
Stock prices. Closing at 92.02 on November 27, Standard
and Poor's index of 500 stocks showed little net price change over
the week. Trading volume averaged 7.1 million shares a day.




LONG-TERM

BOND

YIELDS,

HIGH-GRADE

a / ^ V \
XV

Exhibit A —

Corporate
Aaa 1/

Part II

U. S. Govt,
long-term 2/

State and
local
government
Aaa 3/

Spread between
U. S. Govt, and
Corporate
State and
Aaa
local Aaa

(per cent)
1959-60 - High
1961-62
High
1962-63 - Low
1964 - High
Low
1965 - High
Low
Oct.
Nov.
Nov.
Nov.
i Nov.

29
5
12
19
26j>/

4.46 (s/is/ei)
4.19 (3/29/63)

3.85 (12/28/62)

, ' : W

4.62 (11/26)
4.41 (3/12)

4.35 (11/12)
4.13 (6/25)

2.88(13/8/62)
3.16(3/26)
2.99(12/31)
3.37 (11/25)
2.94 (2/11)

4.57
4.58
4.60
4.61
4.62-

4.29
4.34
4.35
4.34
4.34 •

3.32
3.32
3.32
3.36
3.37

::

.21
.33
.19
.34
.24

.28
.24
.25
.27

.28

.92
1.04

.80

1.14
1.01

1.22
.94
.97

1.02
1.03
.98
.97

ty Preliminary,
T/ Weekly average of daily figures. Average term of bonds included is 22-24 years.
"y Weekly average of daily figures* The series includes bonds due or callable in 10 years or more.
3/ Thursday figures• Only general obligation bonds are includedj average term is 20 years.
Note#—fiigns and lows are for Individual series and may be on different dates for different
series. Tor spreads, high refers to widest, and lor to narrowest#




- L
EXHIBIT ft, P e r t 1

Weekly

~

\

A
- COBPOtAll Bee

X

r-\
— Vj

J
MeWr'i

s A J

I I I I I 1 1

1 1 1 1 1 1 1 1 1 1 i 1 I I.I I I i n
L

1»*S

l»«t

V

I

^

»

-

/

v -

I

1 .111 1 1 I I I 1 1 1 1 1 I I 1 I I 1 1 1 1 1 1 1 I I 1
1

1**1

1**1

Exhibit B -

19*4

l»4S

Part II

Spread between
Aaa and Baa
State and
Corporate

Corpora te
Baa 1/

State and
local govt.
Baa 3/

5.36 (2/12/6Q)
5.10
4.93
4.85
4.80
4.97 (11/26)
4.78 (3/19)

Da te

4.46 (3/7/60)
4.04
3.57
3.60
3.51
3.74 (11/25)
3.40 (2/11)

.84
.66
.70
.48
.37
.41
.35

1.08
.73
.63
.49
.52
.52
.34

4.93
4.93
4.95
4.96
4.97 /

3.67
3.67
3.67
3.73
3.74

.36
.35
.35
.35
.35

.35
.35
.35
.37
.37

(per cent)
1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low

}

Notes

Oct.
Nov.
Nov.,
Nov.
Nov.

29
5
12
19
26

£/

For footnotes see exhibit JL




1 X H I B I 1 C, f . r l 1

S H O R T - AND I N T I R M I D I A T I - T I R M IN
GOVERNMENT
W.*kly

¥

• MONTH Slllf
M.rkM TU*

r

~y<——//x
.

r v f ^ | V / V J
|

i

]j

DISCOUNT tATI

|

-

Mr. Y « l
aht I U

i i i i i i 11111111111 .1 1 1 1 1 1 II 1 1 1 II 1 1 1 1 1 1 1 1 1 1 11111111 1 1 1
i i
1 1 1
1 1 1
If to

1*41

1*41

1*4 3

1**4

1*41

Exhibit C -- Part II

Discount
ra te
3-month
bills 2/
1/

Date

1959-60 - High
Ye-, end - 1961
1962
1963
1964
1965-High
Low
Oct.
Nov,
Nov,
Nov.
^ Nov.

29
5
12
19 V
26 a/

4.00
3.00
3.00
3.50
4.00
4.00
4.00

Yields
6-month
bills 2/
(per cent)

3-5 year
issues 2/

Spread between yields on 3oonth bills and yields on
6-mo. bills 13-5 vr. issues

4.59 (1/9/60) 5.07(3/8/60) 5.00(12/24/59)
2.66
2.90
3.81
2.89
2.93
3.41
3.52
3.64
4.07
3.83
4.07
3.93
4.11 (11/26) 4.25 (11/26) 4.49 (11/12)
3.78 (6/25) 3.82 (6/25) 4.04 (1/22)
i

4.05
4.00
4.07
4.00
4.06
4.00
4.00 / 4.09
4.11^
4.00 v

4.19
4.22
4.23
4.25
4.25 /

4.37
4.44
4.49
4.46
4.45

.79
.24
.04
.13
.10
.17
.03

1.81
1.15
.52
.55
.24
.43
.11

.16
.15
.17
.16
.14

.32
.37
.43
.37
.34

V Weekly rate sboim is that in effect at end of period at the Federal Reserve Bank of Mew Yoxfc.
z/ Market yield I weekly averages computed from daily closing bid prices. Series of 3-8 year issues
consists of selected notes and bonds*
Note#—Highs and loirs are for individual series and may be on different dates for different series,
for spreads, high refers to widest* and low to narrowest.




EXHIBIT D, Por» 1
SHORTBANKS
Weekly

AND
AND

I N T E R M E D I A T E - TERM INTEREST RATES,
OTHER

PRIVATE BORROWERS

n

X

PtIMI .ATI

i

r

|

— / WV-HV-UIA-"
1

FINANCE CO#APANY PAPIt — H
i"1'
t '*

DISCOUNT RATI
A

/ M

fsr

§
H

hir\|

l

A

J|

y T

|

| p

X

! T j
/
MOIRAL FUNDS
Efcie * »
fetv • •

In
1960

1961

Prime rate

Date

1959-60 - High
Year end - 1961
1962
1963
1964
1965 - High
Low
Oct.
Nov.
Nov.
Nov.
Nov.

29
5
12
19
26 2./

.

5.00
4.50
4.50
4.50
4.50

1962

1/

1963

1**4

Finance
company
Federal funds 3/
paper
2/
(per cent)
5.13 (1/22/60)
3.00
3.19
3.88
4.06

4.00 (5/13/60)
2.88
3.00
3.50
4.00

«»6S

Spread between
3-mo. bills and
finance co. paper

1.02
.34
.30
.36
.23

4.50
4.50

4.38 (11/26)
4.00 (2/12)

4.13 (11/19)
3.48 (10/1)

.47
.10

4.50
4.50
4.50
4.50
4.50

4.38
4.38
4.38
4.38
4.38

3.95
4.12
3.97
4.13
4.09 „

.33
.26
.32
.29
.27

1f Weekly rate shown is that in effect at end of period. Prime rate is that charged by large banks
on short-term loans to business borrowers of the highest credit standing,
2/ Average of daily rates published by finance companies for directly placed paper for varying
maturities in the 90-179 day rangee
3/ Weekly average of daily effective rate, which is the rate for the heaviest volume of purchase and
sale transactions as reported to the Federal Reserve Bank of New York*
Notet—flighs and lows are for individual series and may be on different dates for different aeries.
For spreads, high refers to widest, and low to narrowest.




IX HIftIT I. ran I

Common
Da te

Stock price
index 1/

yields 2/
foer cent)

Trading
volume 2 /
(millions
of shares)

Stock marlket customer credit
Bank
Customers 1
loans to
debit bal"others" 5/
ances 4/

Total

(In millions of dollars)
1961-62 - High
Low
Year end
1963
1964
1965 - H i g h
Low
Sept.
Oct.
N o v . 12
Nov. 19
N o v . 26 2 /

72.04(12/8/61)
52.68(6/22/62)

2.80
3.96

10.1
2.4

74.44
84.75

3.13
3.02

4.7
4.7

92.55 (11/12)
8 3 . 0 6 (6/25)
89.38
91.39
92.55
92.24
92.03

3.00
3.15
2.98
2.91
3.00
2.95
3.00

8.9
3.8
7.4
7.8
6.6
7.9
7.1

5,603(13/61) 4,259(12/61)
4,424(1/61) 3,253(1/61)
7,242
7*053

5,515
5.099

7 ,117
6,872
7 ,036
7 ,117

5,129
4,863
4,994
5,073

1,418(5/9/62)
1,161(3/8/61)
1,727
1.974
2,065 (11/3)
1,843 (3/3)
2,042
2,044
2,060
2,064

n.a.

IX**.—Not Mailable, p/ Preliminary.
V Standard end Poor'soomposite index of 500 oonmoB •took*, weekly olosing prices, 1941-43»10.
Monthly data are averages of daily figure* rather than of Friday*! only. Highs and lows are far
Friday's data only*
2/ Standard and Poor's ooa^osite a took yield based on Wednesday data converted to weekly closing
prices by Federal Reserve* Yields shewn are for dates on which prioe index reached its high
3/ Averages of daily trading volume on the Hew Y e * Stock Xxohange. T s u x n d figures are averages of
daily figures for the year*
4/ End of month figures for a m b e r firms of the Hew Yoric Stock Kxohange which carry margin accounts)
excludes balances secured by 0# S, Government obligations.
5/ Wednesday figures for weekly reporting member banks. Excludes loans for purchasing or carrying
U. S. Government securities. Weekly reporting banks account far about 70 per cent of loans to
others. For further detail see Bulletin.




MORTGAGE AND

BOND

YIELDS)

1

; HOME MORTGAGES: |

Aaa C O R P O R A T E B O N D S :

; 1957

1

;1961 !

Exhibit F

FHA
mortgages 2/

Conven-

25-year 30-year gages

1956
1957
1958
1959-60
1961-65

- Low
- High
-Low
- High
- High
Low

1965 - July
Aug.
Sept.
Oct.

4.68
5.63
5.35
6.24
6.00
5.43
5.43
5•45r/
5.46
5.49

3/

; 1962 j

1963

1964

1966|

1965

Part' II

Spread beAaa Corporate
tween yields
on conv. &
FHA mortN e w ^ Seasoned—^
sages
&

5.70
5.44

5.20
6.00
5.55
6.30
6.10
5,80

.47
.47
.15
.23
.37
.25

3.08
4.94
3.65
5.25
4.72
4.12

3.08
4.12
3.57
4.61
4.56
4.19

5.44
5,45
5.46
5,49

5.80
5.80
5,80
5.85

,36
,35
,34
.36

4.61
4.63
4.67
4.69

4.48
4.49
4.52
4.56

Spread between
yields on new corporate bonds and
FHA mtge. Seasoned
4/
bonds
.76
1.58

.88

1.69
1.48
.79
.83
.82
.79

.80

1.03
,05
.73
.39
-.16
.13
.14
.15
.13

2/ Neither mortgage nor bond yields take into aooount •ervioin# oostswhioh ar# much higher for msrtgatfee
thanbonds. Generally, bonds pay intereot oemi-annuallyi mortgages, monthly. Mortgage yields, if
th^table
•^uiTal®1'fc " ® * eeadL-eonual latere at Investment, w>Bld be slightly higher than given la
t
2/

°n rHA-field-offioe opinions about average bid prices in the private secondary nwrkat tor n**»
hooe mortgages fear immediate delivery. Separate data available for 25-year and—beginning July 1961—
30-year mortgages with iriiriman downpayments, weighted by probable volume of transactions. Yield* computedfcyTEA, assuming prepayment period of 12 years for 25—year mortgages and 15 years for 3 0 —
*• 9 T B r
*hi*>h they can be compared, the movement of t t w o mortgage
yield series has bean similar. Das had Ilea s indicate periodo of adjn»tm«rt to changes in contractual
xirtoitsix r&tii«
3/ Based on TEA field office epinlon on typical intereot rates (rounded) on convent!onalifirst mortgages
prevailing in the market areas of insuring office oitien. Beginning with April I960, rate relates
onlv to new-hone mortgages; prior to that date, rate related to both new as well as existtntf-hos*
mortgages. Dashed line Indicatea this change in the series.
A/ THA mortgage yield data Are for 25-year mortgagee through June 1961; 30-year mortgages thereafter.
note for exhibit G.
£/ Moody's Iarsstor Service. Ifonthly averages of dally data. See Exhibit A.




IXHteiT O. Pari I
YIILOS ON N I W AND SIASONID COLFOTATL BONDS

<• Am, | « i i «

NIW IIIOH

I I II

I I I I I I

I I II

Exhibit 6 - Part IX
Yields on New Corporate Bond Issues Adjusted to an Aaa basis
Number Am't of Issues Average
yield
Included (mil.
of
(per centl
laauea of dollars)

Number Aa t of Issues Average
yield
Included (mil.
of
(per cent)
Issues of dollars)
Weekly averages;
1965 - Jan.
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
Nov.
Weekly average
1965 - High
Low

3
3
7
4
8
4
8
7
7 "
5

94.0
111.0
157.8
115.0
315.0
100.0
278.0
. 166.5
288.5
106.0




4.42
4.41
4.45
4,46
4.51
4.58
4.61
4.63
4.67
4.69

Sept.

43.5
65.0
120.0

60.0

4.69
4.70
4.67
4.64
4.72*

20.0

4.63

4.71. (8/27)
4.33 (1/29)

•steriek^

Exhibit H

H.14

Long-term Corporate and State and Local Government
Security Offerings and Placements
(In millions of dollars)

New Can ital
1965

Corporate
1964

State and Local 2/
1963
1964

1963

1965

613
594
1,144

E./803
%/872
j>/946

947
776
810

732
746
976

930
904
1,013

*4/825
Z&/924
/%/967

1,242
667
903

869
866
930

January
February
March

795
746
1,197

April
May
June

1,152
1,691
1,946

2,237
1,095'
;,405

July
August
September

1,290y
850 /
1,392 /

812
680
1,130

676
637
795

v &/984
/E./656
e/950

906
780
892

680
708
449

953
669
1,642

1,013
819
1,415

3/800
e/850

801
529
948

1,051
729
416

2,41,6
4,738
2,62}
3,264

2,3>1
2,847
2,109
3,246

E./2,624
a/2,716
jeJ2t590

5,198
7,307
.10,553

2/5,340
, e/7,930

October
November
December
1st
2nd
v3rd
4th

quarter
quarter
quarter
quarter

1st half
Three quarters
Year

e/1,000
e/1,300

1

2,738
4,789
3,533-

7,527
11,060

938
700
778

7,153
9,775
13,038

z

2,533
2,811
2,578
2,278 .
5,345
7,923
10,201

2,454
2,665
1,837
2,197
5,118
6,955
9,151

Excluding finance companies 3/
1st
2nd
• 3rd
4th

quarter
quarter
quarter
quarter

2,547
4,348
3,183

Year
ej
£/
1/
2/
3/

2,043
4,258'
2,477
2,997
11,775

2,284
2,529
1,768
2,854
9,434

Estimated by Federal' Reserve.
Preliminary.
Securities and Exchange Comnission estimates of net proceeds.
Investment Bankers Association of America estimates of principal amounts.
Total new capital issues excluding offerings of sales and consumer finance companies.




H. 14
Exhibit I
New Corporate Security Issues, Type of Issue
and Issuer
(In millions of dollars)

Quarter
or
Month

Gross proceeds for nei*
capital and refunding5 1/
Bonds
Common
Total Publicly Privately and
Offered
Placed
Pfd.
stock

Net proceeds for
new capital 1/ 2/
Memo:
Foreign
issues
included

Mfg.

Public Communi- Other
Utility cations issuers

1963 - I
II
III
IV

2,700
3,634
2,436
3,466

1,108
1,389
898
1,319

1,306
1,820
1,251
1,780

287
424
287
367

128
434
109
47

947
591
806
968

326
794
285
530

236
221
150
118

842
1,241
868
1,629

1964 - I
II
III
IV

2,548
4,965
2,876
3,568

978
1,321
792
531

1,269
1,755
1,590
2,629

300
1,890
494
408

29
105
94
227

429
723
559
1,061

438
856
642
509

273
1,666
59
135

1,275
1,492
1,361
1,559

3,007
5,043
3,912
I

906
1,864
1,575"

1,673
2,259
1,955

429
920
383

243
215
263

1,072
1,679
1,119

541
609
786

91
255
323

1,034
2,246
l^W

2,295
1,181
1,489
902
748
1,226
1,036
727
1,805

383
470
468
234
183
376
181
30
320

541
563
651
443
453
693
642
645
1,342

1,372
148
370
225
112
156
213
52
143

34
36
35
24
27
44
82
29
116

151
441
264
207
138
296
297
40
172

1,379
27

521
421
550
432
349
580
323
405
831

858
791
1,358
1,233
1,773
2,038
1,443
930
1, 538
1,090

161
187
557
422
694
748
542
369
664
ZB0

565
450
658
648
630
980
780
468
706
700

131
155
143
162
449
309

49
51
143
33
49
134

97
215
229
176
248
184
ZQ2
297

21
44
26
15
143
98
102
25

Wo

%

1965 - I
II
w
1964

1

Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July *
Aug.
Sept.
Oct. e/
Nov.
Dec.

1

122

tt

110

;

1}

n 15°

186
206
332
150
176
234
250
203
607 ,
385
192
494
540
698
441
399"
30.7

%

260
23
16
19
82
21
32

292
295
448
422
602
1,223
58?

1

j>/ Preliminary, e/ Estimated by Federal Reserve
1/ Gross proceeds exceed net proceeds by the cost of flotation.
2/ For total see Exhibit H; other issuers are extractive, railroad & other transportation,
real estate & finance, & commercial & other. Source: Securities & Exchange Commission




Exhibit J

.

Other Security Offerings
(in millions of dollars)

1965
January
February
March
April
Hay
June
July
August
September
October
November
December
Jan. -Oct.,

Foreign Government
1964

218

Gross Long-term 1/
'
1963
1965

38
73
—

e/

91
33
76
5
50

e/ 582

Tear

4
82
69
30
75
26
20
13
7
180
72
58

232
133
76
57
114
11
63
83

506

769

636

—

771

—
—mm

129
185
325

Federal Agency 3/
1963
1964

148
—

186

—

239
150
e/ 375

2
e/2,178

275
260
160

459

510

174
200

—

775

—

—
—

1,205

967

1,205

1,167

New she>rt-term 4 /
Federal Agency 3/
State and Local Government 5/
January
February
March
April
May
June
July
August
September
October
November
December
Jan.-<$c tr-

238
91
-458
647
204
-82
119
£/ 409
£/-133
n.a.

n«a,

icar

103
236
-407
442
81
-80
-9
127
176
7
-15
-208

75
272
-367
589
-30
-10
62
208
-173
259
146
-339

-137
-174
117
-11
509
237
132
206..
105
R/ 98

-308
-336
23
97
183
239
-333
167
1
525
113
-3

676

885

e/1,08?

« 259
,-

1,090

453

692

368

1,539

-332
-255
-161
202
195
319
415
326
258
123
-102
551

from those in Exhibit H in that refunding issues, as well as new capital issues, are
included. Long-term securities are defined as those maturing in more than one year.
2 / Includes securities offered in the U.S. by foreign governments and their political
subdivisions and international organizations. Source: Securities and Exchange Connisaion.
2 / Issues not guaranteed by the U.S. Government. Source: Long-term, Securities & Exchange
Commission; short-term, Treasury Dept. & Fed. Reserve. j^/These data differ from those in
Exhibit H and above in that they represent new offerings less retirements, whether from
the proceeds or refunding issues or from other funds. Data include only issues with
original maturity of one year or less. ^/Principally tax and bond anticipation notes,
warrants, or certificates and Public Housing Auth. notes. In some instances PHA notes
included may have
 a somewhat longer maturity than 1 year. Source: Bond and Buyer & Fed.Ree*



Exhibit K
Large Long-term Public Security Issues for New Capitel
(Other than U. S. Treasury) 1/
Proceeds of Large Issues Offered
(In millions of dollars)

1964 - Oct.
Nov.
1965 - Jan.
Feb.
Mar.
Apr.
May
J Ufl6

July
Aug.
Sept.
Oct.

8

1

Total

Bonds
(other than
convertibles)

ate
Convertible
bonds

Stocks

--

200
115
131
233
210
560
343
455
211
530
190

230
139
217
513
307
928
801
477
299
530
246

--

--

30

--

—

15
86

--

97
53
320
22
62

--

315
I„
--

26

--

lb

40

Other

2/ •

502
15

419
226
541
419
446
395
411
492
377
655
312
563
409

79

108

187

State
and
local
governments

--

235
130
19
260
40
340
20
50
170
43

Large Individual Issues Offered November 1 through 26

Issuer

Type 2/

Amount
(millions
of
dollars)

Maturity

Coupon
rate or
net interest cost

Offering
vield

Rating

Cornorate
C . i . I . Financ ia 1 Corp .
'
tvst.cn Edison Co.
J e n Deere Credit Co.
Rtncficial Finance Corp.
Natural Gas P. L. Co.
7t-xas Instruments Inc.
Sun Oil Co.
rjnicn Elec. Co.
Florida Pwr. Co.
International Util. Corp.
N<: rtn.ern Natural Gas Co.
West Penn. Pwr. Co.
General Motors Accept.Corp
Eastern Air Lines

50.0
Pfc. stk.
1st mtg. bds.
25.0
35.0
Deb.
100.0
Deb.
1st. mtg. p. l.bds. 40.0
20.0
Deb.
100.0
Deb.
19.7
Com. stk.
1st mtg. bds.
25.0
;tk
33.0
Conv.pfd.s
40.
S.F. deb.
1st mtg. bds.
27.0
150. 0
.Deb.
31.5
Com. stk.




Aaa

1994
1990
1990
1984
1990
1990

4-3/4
5
5
4-3/4
4.80
4-5/8

4.67
5.00
5.00
4.78
4.80
4.69

Aa
A
Aa

1995

4-7/8

4.73

Aa

1985
1995
1987

4-7/t
4-7/8
4-7/8

4.90
4.80
4.95

A
Aa

Large Individual Issues Offered November 1 through 26 (Cont'd)

Issuer

Type 3/

Amount
(millions
of
dollars)

Maturity

j Coupon
j
| rate or
net '
1 est cost 1

|

Offering
yield I

Ra ting

State and local Government
State of Conn.
u.O.
Port of New York Auth.
Rev.-Q.-Ut.
Cobb Co., Ga.
G.O.
Univ. of Mass. Bldg. Auth.
Rev.-Rent.
Penna. State Pub. Sch.
Bldg. Auth.
Rev.-Rent
Boston, Mass.
G.O.
State of Minnesota
G.O.
East Jefferson Wtr.Dist.
#1, La.
Rev.-Ut.
Kansas City, Mo.
G.O.
Chicago, 111.
G.O.
Baltimore, Md.
G.O.
Baltimore Co. , V.d .
G.O.
San Fran. Bay Area
Rapid Trans. Auth.,Califi Rev. -Q. -Ut
State of Hawaii
.
G.O.
State of West Va.
G.O.
State of Vermont
G.O.
I a lias Co. Jr. College
Dist., Tex.
G.O.
Lavonia Pub Sch Dist.,Mich. G.O.
.-'.lid':.-! V;.'-ia , Pa.
G.O.
Stare of California

43.0
25.0
14.9
12. 7

1966-85
1998
1967-95
1966-98

3.28
3.67
3.58
3.52

2 .60-3.30
3 .63
2 .75-3.65
2 .60-3.25

30.5
12.4
10.4

1966-2005
1966-95
1975-85

3.60
3.60
3.29

2 .90-3.75-/ - 2 .70-3.70
Baa
3 .10-3.30
Aa

10.0
19.0
14.5
26.7
11.0

1967-90
1966-85
1969-79
1966-86
1967-95

3.94
3.29
3.33
3.37
3.53

2 .35-3.90
2 .60-3.30
3 .00-3.30
2,
.70-3.40
2,
.90-3.60

70.0
14.0
20.0
1.0.4

1972-99
1968-85
1966-90
1967-85

3.59
3.46
3.42
3.21

3. 1 0 - 3 . 6 3 ^ Aa
,
3. 00-3.50
A
2. 70-4.30
A
2. 70-3.25
Aaa

15.0
15.0

1966-87
1968-92
1967-91
1967-96
1975-2015

3.39
3.76
:
. 5"
3. 5 7
3. 72

2. 70-3.45$/
3. 10-3.752 .
70-3.60^(
2. 70-3.65^/
3. 25-3.85

A
Baa
A
h
Aa

1985
1987
1980

5-3/4
5-1/4
6-1/2

5. 77
5. 25
6. 74

A

!G.O.

100. 0

1
Bonds
Bonds
Bonds

2^.0
50.0
20.0

Aaa
A
A
Aa

Baa
Aa
A
A
A

Other
'Commonwea1th of Australia
Quebec Hydro-Elec. Comm.
Japan Devel. Bank

--Rights offering
n. a.--not available.
1/ Includes corporate and other security offerings of $15 million and over; State and local
government security offerings of $ 10 million and over,
2/ Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues by Federal Agencies.
3/ In the case of State and local government securities, C.0. denotes general obligations;
Rev.-Ut., revenue obligations secured only by income, from public utilities; Rev.-Q.-Ut.,
revenue bonds secured only by revenue from quasi-utilities; Rev.-S.T., revenue bonds




\1
K-3
(Footnotes Cont'd)

4/
d/
6/
7/
8/
9/

secured by revenue from specific taxes only; Rev.-Rent., revnue bonds secured solely by
lease payments.
5/8 per cent bonds maturing 2005 reoffered to yield 4.40 per cent.
bonds maturing 1999 not publicly reoffered.
1/10% bonds maturing 1987 not publicly reoffered.
Bonds maturing 1991-92 not publicly reoffered.
Bonds maturing 1991 not publicly reoffered.
Bonds maturing 1996 not publicly reoffered.




I

I

i

H. 14
Exhibit L
Forthcoming Large Long-term Public Security Offering for New Capital
(Other than U.S. Treasury) 1/
Expected Proceeds from Forthcoming Large Issues
(In millions of dollars)

During month following
date shown
State and
Corporate
Other 2/

1965

Oct. 30
Nov. 30
Dec. 31
Jan. 29
Feb. 26
Mar. 31
Apr. 30
May -8
June j0
July 30
Aug. 31
Sept.30
Oct. 29

90
105
169
407
267
852
765
363
193
312
206
412

254
360
306
242
316
2 ;2
411
328
397
2 48
404
2 69
343

25
2' "

Corporate

Subsequent to
date shown
State and

130
105
253

--

60
25
70
20

15
25:

792
852
923
410
>40
63b
303
'+89

549
563
435
382
599
373
635
474
524
353
450
331
578

Other 2/

25
215

60
25
70
20

15
25

Forthcoming Large. Offerings as of November 2 6

(millions

Approximate date of
offering

dollars)
Corpora te
' Florida Pwr. & Lt. Co.
Southern Cal. Ed. Co.
Gen. Tel, Co. of Cal.
Kentucky Pwr. Co.
*Consol. Ecison Co.
Macy Credit Corp.
Great Western Financial Corp.

1st mtg- bds.
1st mtg, bds,
1st mtg. bds
1st mt.g bds
1st mtg - bds.
Deb.
Deb.

40.C
75.0
"0.0
J00. 0
2 3,0
22.0

Dec. 2
Dec:. 8
Dec. 10
Dec, 15
Dec. 16
Indefinite
Indefinite

State and local government
Henderson, Texas
Lake Charles Harbor and Term.
Dist., La.
*Rhode Island Turnpike &
Bridge Auth.




Rev. -TJt

12.0

Dec.

Rev, -Q.-Ut

Dec.

5

Rev.-Q.-Ut.

Dec.

8

*0
L-2
Forthcoming Large Offerings as of November 26 (Cont'd)

Issuer

Type

Amount
(millions
of
dollars)

Approximate date of
offering

Dec . 7
Dec,. 9
Dec,. 9
Dec.. 9
Dec., 14
Dec.,14
Dec. 15
Dec. 15

State and local government
(Cont'd)
Chicago, 111.
Port of New Orleans, La.
Public Housing Auth.
Cal. Toll-Bridge Auth.
^Detroit Sch. Dist., Mich.
*Everett, Wash.
University of Kentucky
Pima Co. Sch. Dist., Ariz.
Los Angeles Dept. of Wtr.
& Pwr., Calif.
Peninsula Port Auth., Va.
University of Kentucky
Dade County, Fla.
Austin, Texas

Rev.-Ut.
Rev.-Q.-Ut.
Bonds
Rev.-Q.-Ut.
G.O.
Rev.-Ut.
Rev.-Rent.
G.O.

25.0
20.0
90.1
100.0
15.0
12.0
30.0
11.5

Rev.-Ut.
Rev.-Q.-Ut.
Rev.-Rent.
G.O.
Rev.-Ut.

15.0
15.0
25.0
46.0
14.0

Dec. 15
Dec. 15
Dec. 15
Indefinite
Indefinite

Other
Republic of Ireland

Bonds

20.0

Dec. 1

*--Included in table for first time.
1/ Includes corporate and other issues of $15 million and over; State and local government
issues of $10 million and over.
2J Includes foreign government and International Bank for Reconstruction and Development
issues and non-guaranteed issues of Federal Agencies.
Note:--Deletions for reasons other than sale of issue: None.




;

H. 14

Exhibit M
Foreign Government and Corporate Security Offerings
and Placements in the United States
Part I:

Sale Date

Public Offerings

Amount
(millions
•
of
dollars)

Issuer and Description of Issue

A.

Sold September 1 through November

>

9/16

20.0

European Investment Bank--6% bonds, maturing 1985,
reoffered to yield 6.04%.***

10/19

15.0

Republic of Finland--6-1/2% bonds, maturing 1980.
reoffered to yield 6.61%.

10/27

27.5

United Mexican States--6-1/2% bonds, maturing 1980,
reoffered to yield 6.63%.

11/9

25.0

Commonwealth of Australia--5-3/4% bonds, maturing 1985,
reoffered to yield 5.77%. ***

11/17

33.0

International Util. Corp.--conv. pfd. stk.

11 '18

50.0

Quebec Hydro-Elec. Comm.--5-1/4% bonds, maturing 1987.
roeffered to yield 5.25%.

11/23

20.0

Japan Development Bank--6%% bonds, maturing-1980 • .
reoffered to yield 6.74%.

B.

12/1

20.0

Prospective Offerings

Republic of Irelarfd-Bonds.

Included in table for first time.
Issue sold t6 investors outside U S .
Issues subject to interest -'equalization tax.




H. 14

M-2

Part:

Date Reported ~

Private Placement--Reported September 1 through November

Amount
(millions
of
dollars)

9/9.

40.0

9/8

50.0

Bell Telephone Co. of Canada--4.85% first mortgage
bonds, due 1995--no information available on takedown.

135.0

Queensland Aluminium Securities. Company--notes maturing
1968-82--no information available on takedown.

9/16.

9/16

25.0

.

Issuer and Description of Issue

Skeena Kraft, Ltd.--5-3/8% first mortgage and collateral
trust bonds, maturing 1985--no information available on
takedown.

The Alberta Government Telephone Commission—4.-3/4%
sinking fund debenture, maturing 1990--no information
available on takedown.

Note: For retrospective data on aggregate foreign corporate and government security
offerings "in the United States see Exhibits I and J.
There is no simple relationship
between the data shown in the Exhibit and that shown in Exhibits I and J because: the
latter includes privately placed securities in the period in which funds are actually
takendown but only in the amount of takedown while the placements shown in this exhibit are included when reported, frequently with little or no information concerning- timing of takedowns.
Full or partial takedowns may take place both prior
and subsequent to the date a placement is reported.




;

-L 7
Exhibit H
Sources and Uses of Funds by
Life Insurance Companies

Quarter
or
Month

End of
* 1963
* 1964
1965

period:
- Dec.
- Dec.
- Sep*.

Cash

U.S.
Govt.
Securities

3,686
3,808

50,596 22,942 141,121
55,179 24,942 149,318

134.940
142,637

60,602

3,584

5$,411 26,175 156,040

144,703

95
-28

501
920

134
-238

-62
-22

893
1,336

350
159

2,014
2,243

1,960
2,045

-25
-73
125

127
-206
75
-175

-10
-42
17
-38

910
1,032
1,033
1,619

480
433
571
50

1,945
1,912

1,751
1.762

-276

634
783
355
805

2,211
2,146

1,992
2,269

-206
-11
41

46
-284
-14

502
663
816

294
116
91

-21
-63
-140

1,164
1,041
1,027

566
372
722

2,345
1,834
2,543

2,114
1,779

-4
112
53

35
—18
-70
-188

148
45
210
550

• -62
194
3
-372

22
20
-25
-33

394
- 424
420
775

264
144
119
-213

735
805
769
572

546
730
781
758

213
37
-204
-36
-31
-217
38
10
-62

111
151
240
103
223
337
248

250
59
-15
16
127
-27
219
41
-169

13
-24
-10
-20
-13
-30
-72

447
315
402
344
310
387
279

16#
165
233
231
48
93
156

1,074
636
635
603
652
579
921

1,002

-46
-22

354
394

196
370

768
854

103
116

1964 - I
II
III r/
IV

-171
-15
35
161

1965

1964 - Sept. r/
Oct.
Nov.
Dee.
1965 I>/- Jan.
Feb.
Mar.
Apr.
MayJune

July

Aug.
Sept.
l/
1/

Memo: Total
Total
sources EEDI. ValMortuation
or
gages Other
changes ] /
uses

387
241
742

5,813
5,511
5,259

ii

St#te &
Local
Govt.
Secur.

(In millions of dollars)
1,465
1,443
,267

Changes1
1963 - H I
IV

Business
Securitie s 2/
Bonds &
Shortterm
Stocks
paper

-128
-67

-11

-35
-12
36
53
29

-41

56,050

184
384

—

2,173

Revised.
2 / Preliminary.
Uses of funds represent net changes in assets and therefore reflect net, rather

than gross uses.
Includes securities of domestic corporations only.
Excludes changes in miscellaneous assets (one portion of the "other" i* this
table) which includes most, but not all, valuation changes, as well as changes
in a few other items.
Sourcet—Institute of Life Insurance.

2/
2/




547
565
490
678
611
890
679
604

Exhibit 0
Sources and Uses of Funds by
Savings and Loan Associations

Quarter
or
Month
End of
1963 1964 1965 -

period:
Dec.
Dec.
Sep*.

U«?es of Eunds 1/
U. S.
Cash Govt, Mort- Other
secur- gages assets
ities
3,979
4,025
3,412

Changes:
1963 - III
IV

6,445
6,973

Total
sources

Source of
Net
change
Borrowing 2/
or
savings
uses
^canital
(In millions of dollars)
5,015
91,308
6,191 107,559
5,596
6,983 119,295 101,847

Eunds
Other

11,236
11,852

7,167

90,944
101,314
108,218

7,747

126,544

107,193

6,163

13,188

-461
582

146
96

3,466
2,924

49
287

3,200
3,889

1,584
3,345

776
803

840
-259

1964 - I
II
III
IV

-351
185
-402
614

291
-48
93
192

2,223
3,001
2,827
2,319

56
489
21
226

2,219
3,627
2,539
3,351

2,320
3,068
1,862
3,289

-688
657
85
527

587
-98
592
-465

1965 - I
II
III

-467
152
-298

413
-151
-68

1,837
2,676
-3*391

156
555
53

1,939
3,232
2,078

1,888
2 302
1,7156

-658
949
276

709
-19

33
23
86
505

42
42
142
8

836
837
687
795

106
71
226
-71

1»017
973
1,141
1,237

1,073
751
859
1,679

73
-36
-30
593

-129
258
312
-1,035

-432
16
-51
-160
35
277
-444
42
104

125
207
81
-30
50
-171
-55
-13

530
507
800
824
841
1,011
820
843
728

-156
137
175
154
387
14 .
-165
86
132

67
867
1,005
788
1,313
1,131
156
958
964

254
579
1,055
-93
792
1,603

-450
-106
-102
518
9
422

263
394
52
363
512
-894

-432
554
1>034

199
13

389
391
-134

1964 - Sept.
Oct.
Nov.
Dec.
1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. r/
Sept.

64

r/ Revised.
If Uses of funds represent net changes in assets and therefore reflect net, rather than
gross uses. Savings and loan associations do not hold business securities and data
on holdings of State and local government bonds, presumed to be small, are not
available.
2/ Advances from Home Loan Banks and other borrowing.
Source:
-- FSLIC




Ih

Exhibit P
Sources and Uses of Funds by
Mutual Savings Banks

Quarter
or
Month
' End of period:
1963 - Dec.
1964 - Dec.
1965 - sept.

Cash

U.S.
Govt,
securities

Uses of funds 1/
State and
Business
local govt,
secursecuri t y * 2/
(In millions
440
5,074
391
5,099
5,263
349

912
1,004

5,863
5,791

960

5,795

Changes:
1963 - III
IV

-42
64

-114
-213

81
-97

-5
-13

1964 - I
II
III
IV

-25
19
-23
121

254
-93
58
-292

77
-6
47
-94

-16
-15

1965 - I
II
III

3
12
-58

262
-233
-26

1964 - Sept.
Oct.
Nov.
Dec.

-12
15
7
99

1965 - Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.

-27
15
15
-63
24
51
-73
-4
19

Sources >f funds .
Total
Net
sources
change
Other
Mort- Other
or
in
gages
uses
deoosits
of dollars)
5,096
36,007 1,406 49,702 44,606
5,389
40.328 1,625 54.238 48,849
43,305 1,800

57,470

51,506

5,965

888
1,043

117
-36

927
747

740
894

186
-146

-18

927
1,037
1,173
1,182

123
17
80
-1

1,340
959
1,338
899

1,155
862
1,133
1,092

185
99
207
-194

46
54
63

-10
-21
-11

937
922
1,118

125
45

1,364
780

1,140
634

223
146

6

1,088

883

206

-13
-233
-65
6

13
-15
2
-81

2
-6
-4
-8

382
392
360
430

-17
-10
42
-33

357
143
343
413

483
226
205
661

-125
-83
138
-249

116
109
37
-197
-16
-20
-31
24
-19

6
18
22
39
4
11
85
14
-36

-3
-5
-2
-2
-12
-7
-4
-7

312
284
341
298
290
334
413
364
341

70
-2
57
-25
70

475
419
470
50
361
369
357
452
279

373
221
546
-12
189
457
221
219
443

101
198
-76
61
172
-87
136
233
-163

--

-33
62
-23

1/ Uses of funds represent net changes in assets and therefore reflect net, rather than
gross uses.
2/ Includes Canadian government and political subdivision, International Bank for Re~ construction and Development, nonguaranteed Federal agency and other bonds as well
as corporate bonds and stock.
Source: — NAMSB





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102